Increasing Awareness Regarding Fitness and Technological Advancements in Products, driving the Sales of Consumer Wearable’s in India: Ken Research

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Increasing Health Awareness: Increasing availability of cheap data plans have resulted in increased internet penetration in the country. As a result, the health awareness among consumers continues to rise, as the access to information regarding preventive healthcare is increasing. Individuals continue to adopt preventive care as a necessary tool to help them lead a better lifestyle. There has been an increase in trend of monitoring vitals using fitness bands in order to maintain a healthy lifestyle, in addition to this, there has been addition of advanced features in products such as ECG etc.  due to which,  sales of these devices have increased.

Southern Region Dominating Sales:  The South & South-East region in the country consists of some of the major cities (such as Banglore, Chennai, Hyderabad, Coimbatore and others) which are home to the major IT hubs in the country. These regions also account for a large proportion of the technically literate individuals in the country and have hence contributed to the majority of sales of wearables in the country.

Challenges in Wearable Industry: India is still at a nascent stage India is still underpenetrated when it comes to the adoption of wearables for health. Increased awareness for healthy lifestyle has certainly caused an increase in sales of these devices to get initial traction for weight control and physical activity monitoring. However, the market is yet to expand beyond the major regions and cities. Keeping an eye on the niche segment of the market, the vendors have started experimenting and expanding to capture scalable opportunities.

Impact of COVID-19 on India Lubricants Industry: COVID-19 has severely impacted the wearable industry in India. In June 2020, the wristband import volume declined by ~28.0% as compared to the same period in 2019. Since most of the people were working from home, there was a decrease in demand of these products due to lack of access to fitness centers and gyms. The demand for both Wrist bands & Smartwatches in the country is expected to remain low throughout third quarter of 2020; slow recovery is expected by 2021. Companies are expected to invest in online sales channels & partnerships to ensure sales volumes.

Analysts at Ken Research in their latest publication “India Consumer Wearables Market Outlook to 2025- By Type (Fitness Trackers and Smart-watches), By Sales Channel (Online and Offline), By Price Segment (Under ₹ 1000 ,₹1000 – ₹ 10,000 , ₹10,000 –  ₹ 20,000  and Above ₹ 20,000) and By Sales Region (North, South East and West)observed that the wearables market in India is witnessing a double-digit growth and this trend is expected to continue in the coming years as well. Increasing focus on research & development and marketing activities, new product launches, partnerships & collaborations are expected to drive further the industry towards growth in the future. The India Wearable Industry is expected to grow at a CAGR of 21.8% on the basis of sales revenue over the forecast period 2020-2025.

india-wearable-market

Key Segments Covered:-

India Consumer Wearables Market

By Type

Fitness Trackers

Smartwatch

By Price Segment

Under ₹1000

₹1000 – ₹10,000

₹10,000 – ₹20,000

Above ₹ 20,000

By Distribution Channel

Online

Offline

By Region

North

East

West

South

By Type of City

Metro

Non-Metro

India Smartwatch Market

By Type

General Purpose Smartwatch

Sports Smartwatch

Hybrid Smartwatch

By Price Segment

Under ₹1000

₹1000 – ₹10,000

₹10,000 – ₹20,000

Above ₹ 20,000

By Distribution Channel

Online

Offline

By Region

North

East

West

South

By Type of City

Metro

Non-Metro

India Fitness Trackers Market:-

By Type of Wearables

Wrist Worn

Others

By Price Segment

Under ₹1000

₹1000 – ₹10,000

₹10,000 – ₹20,000

Above ₹ 20,000

By Distribution Channel

Online

Offline

By Region

North

East

West

South

By Type of City

Metro

Non-Metro

Companies Covered:-

Xiaomi Technologies India Inc.

Goqii Technologies India Inc.

Samsung India Electronics Ltd.

Fitbit India

Apple India

Titan Company India Ltd. (Fastrack)

Fossil India Inc

Key Target Audience:-

Wearables Manufacturing Companies

Wearables Importing Companies

Semiconductor Manufacturing Companies

E-Commerce Companies

Healthcare Associations

Industry Associations

Regulatory Bodies

Time Period Captured in the Report:-

Historical Period: 2015-2020

Forecast Period:  2020-2025

For More Information on the research report, refer to below link:-

India Consumer Wearables Market

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Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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